China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and anal...China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and analyzes the potential risks in the European Union Emission Trading Scheme,California’s cap-and-trade system,and the seven regional carbon trading pilots in China.It mainly recognizes market operation risks,risks of uncertain policy expectation,and risks of uncertain mechanism designs existing in China's carbon trading pilots.The carbon market risks are not good for the formation of rational price signals,making it difficult to guide enterprises on how to make low-carbon technology in-vestments.Such risks also affect the effectiveness and functions of carbon markets,which can lead to the non-achievement of national emission reduction goals.China has launched the national carbon emission trading scheme on December 19,2017.While building the national carbon trading scheme,it is important to fully refer to the experiences of international carbon markets and China's carbon trading pilots apart from strengthening the recognition,control,and supervision of carbon market risks.Doing so can promote the healthy development of China's na-tional carbon trading scheme.展开更多
Indicators based on the developed version of the Capability Maturity Model were set up to access the maturity degree of China's seven pilot carbon markets from 2013 to 2017. Results show that the maturity degree o...Indicators based on the developed version of the Capability Maturity Model were set up to access the maturity degree of China's seven pilot carbon markets from 2013 to 2017. Results show that the maturity degree of Shenzhen and Beijing pilot carbon markets ranks first;while those of Guangdong, Hubei, and Shanghai rank second. Tianjin and Chongqing rank lowest. Most of pilot markets failed to perform well on price efficiency except Shenzhen. There is significant disparity in the scores that the pilot carbon markets got, with a range from 9 to 73. The drivers to maintain market maturity is different among the pilot markets, either with a good performance on market structure, scale, or efficiency could lead to a certain score. Much could be done to increase the maturity level of the carbon market. Further downscaling the firm size, raising the legislation level, and increasing the participation of the third party entities may help the carbon market to grow healthier.展开更多
One of the key elements influencing the performance of a carbon trading system, are the methods of allocating the initial CO2 emissions. This paper tries to use a quantitative description method to analyze the influen...One of the key elements influencing the performance of a carbon trading system, are the methods of allocating the initial CO2 emissions. This paper tries to use a quantitative description method to analyze the influence of the different allocation methods on the level of CO2 emissions based on the seven pilot trading markets from 2009 to 2013 in China. The results show that different methods bring about various degrees of impacts, through direct and indirect constraint mechanism, influence the CO2 emission cut finally. Although due to the complexity of the direct and indirect constraint mechanism, attempting to compare the effects of different allocation methods is difficult by using the data of carbon emission cut from seven pilot markets in China, the paper shows that the allowance allocation methods, through the constraints imposed on enterprises, significantly reduce regional carbon emissions.展开更多
基金the National Key Researchand Development Program of China(2016YFA0602702)the National Natural Science Foundation of China(71673162,71173131,71673019,71273253)Major projects of the Na-tional Social Science Fund of China(18ZDA106).
文摘China formally launched the carbon trading pilots in seven provinces and cities in 2013.Based on the operating situations of international carbon emission trading markets and that in China,this study compares and analyzes the potential risks in the European Union Emission Trading Scheme,California’s cap-and-trade system,and the seven regional carbon trading pilots in China.It mainly recognizes market operation risks,risks of uncertain policy expectation,and risks of uncertain mechanism designs existing in China's carbon trading pilots.The carbon market risks are not good for the formation of rational price signals,making it difficult to guide enterprises on how to make low-carbon technology in-vestments.Such risks also affect the effectiveness and functions of carbon markets,which can lead to the non-achievement of national emission reduction goals.China has launched the national carbon emission trading scheme on December 19,2017.While building the national carbon trading scheme,it is important to fully refer to the experiences of international carbon markets and China's carbon trading pilots apart from strengthening the recognition,control,and supervision of carbon market risks.Doing so can promote the healthy development of China's na-tional carbon trading scheme.
基金We thank Miss DENG Ying-Ying for data collection. This work was funded by the National Key Research and Devel opment Program of China (2018YFC1509008) and the Na tional Natural Science Foundation of China (41401058).
文摘Indicators based on the developed version of the Capability Maturity Model were set up to access the maturity degree of China's seven pilot carbon markets from 2013 to 2017. Results show that the maturity degree of Shenzhen and Beijing pilot carbon markets ranks first;while those of Guangdong, Hubei, and Shanghai rank second. Tianjin and Chongqing rank lowest. Most of pilot markets failed to perform well on price efficiency except Shenzhen. There is significant disparity in the scores that the pilot carbon markets got, with a range from 9 to 73. The drivers to maintain market maturity is different among the pilot markets, either with a good performance on market structure, scale, or efficiency could lead to a certain score. Much could be done to increase the maturity level of the carbon market. Further downscaling the firm size, raising the legislation level, and increasing the participation of the third party entities may help the carbon market to grow healthier.
文摘One of the key elements influencing the performance of a carbon trading system, are the methods of allocating the initial CO2 emissions. This paper tries to use a quantitative description method to analyze the influence of the different allocation methods on the level of CO2 emissions based on the seven pilot trading markets from 2009 to 2013 in China. The results show that different methods bring about various degrees of impacts, through direct and indirect constraint mechanism, influence the CO2 emission cut finally. Although due to the complexity of the direct and indirect constraint mechanism, attempting to compare the effects of different allocation methods is difficult by using the data of carbon emission cut from seven pilot markets in China, the paper shows that the allowance allocation methods, through the constraints imposed on enterprises, significantly reduce regional carbon emissions.
